EU Updates List of Non-Cooperative Tax Jurisdictions, Removes Panama and Vietnam
The European Union stated that the updated list of eight "non-cooperative" tax jurisdictions reflects a positive trend in adherence to international tax good governance standards, noting that Panama and Vietnam were removed following reforms.
)
According to the South China Morning Post, the European Union issued a statement indicating that the latest revision of the list of "non-cooperative" jurisdictions shows a positive trend regarding compliance with international tax good governance standards. Panama was removed from the list because it had made advancements in sharing tax information and reformed what was described as a "harmful" system of exemptions for income originating from foreign sources. Vietnam was also taken off the list after implementing a series of reforms.
The current list of eight "non-cooperative" jurisdictions includes American Samoa, Anguilla, Guam, Palau, Russia, Turks and Caicos Islands, US Virgin Islands, and Vanuatu. This list was established in 2017 following various scandals, such as the Panama Papers, which exposed how wealthy individuals concealed assets in offshore entities, leading to numerous global investigations.
)
)
)